TRADING TIPS :
- Forex -CFTC – week ending August 19: speculators more bearish on Euro, Yen
- Forex-Dollar remains broadly stronger as Fed minutes support
- Forex-Bitcoin prices firm up above $500 as recovery continues
In U.S. trading, EUR/USD was down 0.32% at 1.3238, up from a session low of 1.3221 and off a high of 1.3297. The pair was likely to find support at 1.3221, the session low, and resistance at 1.3412, the high from Aug. 15 Speaking at the Federal Reserve Bank of Kansas City’s annual Jackson Hole symposium, Janet Yellen said the U.S. economy is recovering and added the labor market is improving as well.The Federal Reserve Bank of Philadelphia said that its manufacturing index topped a three-year high of 28.0 this month from July’s 23.9 reading. Analysts had expected the index to decline to 19.2 in July.
In U.S. trading on Friday, GBP/USD was unchanged at 1.6581 up from a session low of 1.6562 and off a high of 1.6597.Cable was likely to find support at 1.6562, the session low, and resistance at 1.6738, Monday’s high. Speaking at the Federal Reserve Bank of Kansas City’s annual Jackson Hole symposium, Janet Yellen said the U.S. economy is recovering and added the labor market is improving as well.The unemployment rate, at 6.2 percent in July, has declined nearly 4 percentage points from its late 2009 peak. Over the past year, the unemployment rate has fallen considerably, and at a surprisingly rapid pace.
1. Buy EUR/USD Above 1.3283 -TG:1.3303/1.3333 SL 1.3253
2. Sell EUR/USD Below 1.3198 -TG: 1.3178/1.3148 SL 1.3228